SOUTHEND United made a loss of £2.4million for the year ending July 31, 2008.

The news has yet to be announced to the club’s shareholders.

But the Echo can confirm the depressing figures which came the year after relegation from the Championship.

And Blues’ chief-executive Geoffrey King revealed a drop in attendances and television revenue were the main factors behind the loss.

“No-one can be surprised that relegation from the Champion-ship League did not come without financial implications,” said King.

“The drop down to League One in 2007 saw revenue reduced through a decrease in gate income and television money.

“The Football League’s television deal is structured in a way that the top division gets 80 per cent, while League One receives 12 per cent and League Two 8 per cent.

“This alone had a serious effect on the club’s income in that season.

“Both these factors, together with the maintenance of Championship wages for all of the squad, resulted in posting a loss for the year ending July 2008.”

While playing in the Championship, Blues recorded a profit of £1.38 million.

Higher attendances, which were bulked up from a higher number of travelling supporters, contributed to those improved figures.

And so did an impressive run to the quarter finals of the Carling Cup as the Shrimpers beat Manchester United at Roots Hall before losing at Tottenham Hotspur after extra-time.

The £1.5 million sale of star striker Freddy Eastwood to Wolver-hampton Wanderers brought in further revenue for Blues.

In 2006, when also in League One, they made a profit of £191,550.